Liquidation Types

1. Voluntary liquidation: Decision of partners. 2. Judicial liquidation: By court ruling. 3. Bankruptcy liquidation: Due to financial distress. 4. Merger liquidation: As part of acquisition deal.

Stages

1. Decision making and trustee appointment. 2. Announcement to creditors (45-90 days). 3. Inventory of assets and liabilities. 4. Collection of outstanding debts. 5. Asset sale (usually auction). 6. Creditor payment by priority. 7. Surplus distribution to partners. 8. Company removal from registry.

Expected Duration

Small liquidation: 6-12 months. Medium liquidation: 12-24 months. Large complex liquidation: 2-5 years.

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